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Southern Co. launches $1.5B offering of equity units

Southern Co. launched a public offering of 30 million equity units at a stated amount of $50 per unit for an aggregate stated amount of $1.5 billion.

Each unit will consist of a contract to purchase the company's common stock in the future and two 0.025% undivided beneficial ownership interests in remarketable junior subordinated notes, each having a principal amount of $1,000.

The company plans to grant the underwriters an option to purchase an additional 4.5 million, worth $225 million, to cover overallotments, according to an Aug. 12 news release.

Southern Co. intends to use net proceeds to repay all or a portion of its short-term debt and for general corporate purposes, including investments in the company's subsidiaries.

Goldman Sachs & Co. LLC, Barclays, Citigroup and Morgan Stanley will act as joint book-running managers of the offering.